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Revision as of 01:04, 11 May 2026


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Congress finally acted on New Year's Day, passing the "fiscal cliff" laws. This law extended the existing tax rate structure for single taxpayers with taxable income of compared to USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For along with higher incomes, the top tax rate was increased to 13.6% These limits are determined before the foreign earned income omission.

Estimate your gross money flow. Monitor the tax write-offs that you most likely are able to claim. Since many of them are based upon your income it great to plan in advance. Be sure to review your wages forecast businesses part of the season to assess income could shift from one tax rate to a second. Plan ways to lower taxable income. For example, see if your employer is prepared issue your bonus in the first of the season instead of year-end or maybe if you are self-employed, consider billing client for work in January as an alternative to December.

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